Post-war global capitalism suffered from a huge shortage of dollars. The U.S. had huge trade surpluses and U.S. reserves were huge and growing. It was necessary to reverse this river. Although all nations wanted to buy U.S. exports, the dollars had to leave the United States and be available for international use so that they could do so. In other words, the United States should reverse global prosperity imbalances by chartering a trade deficit financed by the U.S. outfed of reserves to other nations (a deficit in the U.S.
fiscal balance). The United States could have a financial deficit, either by building plants, or by building plants, or by foreign nations. Remember that speculative investments were discouraged by the Bretton Woods agreement. Imports from other nations were not attractive in the 1950s because American technology was up to date at that time. This is how multinationals and global aid from the United States originated.  The international trade agreement has proved more difficult to achieve. One of the most controversial topics was the preferential tariff system, introduced in 1932 among members of the British Commonwealth, with lower tariffs within the Commonwealth than trade between Commonwealth states and the rest of the world. American officials such as Cordell Hull rejected imperial preferences for ideological and practical reasons – the United Kingdom and Canada, both members of the system, were the two main trading partners of the United States – and called for their abolition; However, many British and other Commonwealth officials argued for the maintenance of preferences, at least until the United States agreed to reduce the high tariffs of 1930 on the Smoot Hawley.
After more than four years of negotiations on these and other issues – such as the rules governing customs negotiations and the structure of a proposed new organization to monitor international trade – an agreement was finally reached in 1947. Twenty-three countries, meeting in Geneva from April to October 1947, concluded the first round of post-war customs negotiations, which resulted in tariff reductions and imperial preferences, as well as a draft charter for a new institution, the International Trade Organization (ITO). Participants also signed the General Agreement on Tariffs and Trade (GATT), which must not only implement agreed tariff reductions, but also serve as a provisional codification of the rules governing trade relations between their signatories until the creation of the ITO. In November 1947, the United Nations Conference on Trade and Employment met in Havana to discuss the draft ITO charter; Four months later, representatives from 53 countries signed the Charter in March 1948. However, strong opposition in the US Congress meant that the ITO had never seen the light of day. Instead, it was the GATT that governed post-war international trade relations for nearly fifty years. Under the aegis of the GATT, eight rounds of negotiations resulted in significant tariff reductions among its members before being replaced by the World Trade Organization in 1995.